Do you remember when the only form of customer support was either in person or via telesupport that came with hours upon hours of waiting? That seems like the Stone Ages for most consumers in the modern world. Most want their solutions provided in the same format they signed up in, within the app. Instantaneous customer support is the name of the game now and for most companies, this requires a revamp of current customer support operations. Using new technology and automation can help ease the pressure put on staff as we all navigate the new era of customer service. Soon, this will also be regulated and monitored to ensure the customer is safe and always put first. Everything evolves, and as the tech demands grow, so does the need for compliance.
Change on the Horizon
As many of us already know and are seeing in the economy, we are globally teetering on the edge of a cost-of-living crisis. Inflation paired with sweeping changes in our socioeconomic circumstances has the world in a bit of a tizzy. In some regions, the fintech industry will be experiencing its own set of changes due to new regulations such as with the UK FCA’s Consumer Duty coming into force. These new regulations “will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first,” according to the FCA website, “It will mean that consumers should receive communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need, when they need it.” There is no better time to shift industry focus towards evolving in line with these new parameters and to support changing consumer needs.
The current economic climate means it’s more important than ever that consumers are able to be selective with the brands they choose to transact with. The financial services industry will soon be required to give consumers the information and support necessary to make good financial decisions in formats that are easier to understand and access. Fintech brands should be prepared to update their customer support FAQs and knowledge base articles as well as empower their customer service agents to ensure they are able to best support their consumers when they need it.
‘The Consumer Duty will lead to a major shift in financial services and will promote competition and growth based on high standards. As the Duty raises the bar for the firms we regulate, it will prevent some harm from happening and will make it easier for us to act quickly and assertively when we spot new problems.’ – Sheldon Mills, Executive Director of Consumers and Competition of The FCA
Forecast: Competition Heating Up
Challenger banks already have a headstart in curating an experience that is tailored for the modern consumer. Their prioritization of digitizing the banking experience will now need to be adjusted to make sure they are within guidelines and upcoming new compliance. Per FinBold, as of this past month, there are 291 challenger banks globally. The competition grows steadily which is why the importance of feedback and automation is becoming increasingly prominent.
There is a strong need to show customers that their assets and financial moves are secure. We have moved far away from the day where cash on hand was the way of the modern world. With everything digitized, there is a higher risk for clients to be scammed and more fuel for hackers to breach the security protocols currently in place. Now is the time to show strength in the safety you will provide clients and potential clients. Meet the customers where they want to be met. Streamline the issue-to-resolution process. In today’s market, brand loyalty is almost non-existent. Customers don’t have to go far to shop around, an entire market rests within their hands at any given second.
Weathering the Storm: Are you Ready?
How will you retain your customers? How will you set your business apart? Set gold level standards for customer support and encourage speedy feedback channels so you can continue to evolve your business to meet consumer needs. Brand loyalty can be difficult to earn from consumers. Customer service remains king in building that loyalty. Forward-thinking fintech brands know this and recognize that in today’s digital world, in-app support channels especially hold the power of making or breaking a business’ reputation and ratings.
Helpshift’s consumer-first digital support platform offers an amazing set of tools to help fintech brands provide a stellar customer experience. In fact, our in-app support SDK is the gold standard for 7 of the 10 top revenue-producing apps in the app stores. Set your business up for success in this evolving market: Try Helpshift free for 30 days.